Meta, the parent company of Facebook, has announced plans to further reduce its workforce by 10,000 jobs and leave 5,000 open positions unfilled as part of cost-cutting measures. This comes after the company already announced in November 2022 that it would be cutting 11,000 jobs, which represented around 13% of its total workforce at that time.
Meta recently announced its third consecutive quarter of declining revenue and falling profits. In response, the company is planning to make significant job cuts, starting with a reduction in its recruiting team and further cuts in its tech and business groups in late April and May, respectively.
CEO Mark Zuckerberg acknowledged that these job cuts will be difficult, as they will involve saying goodbye to talented and dedicated colleagues who have contributed to the company’s success. However, he emphasized that the restructuring is necessary to improve business performance and realize the company’s long-term vision.
Meta has been investing billions of dollars to pivot towards the metaverse, but has faced challenges from a downturn in online advertising and increasing competition from platforms such as TikTok.
Zuckerberg has recently announced that 2023 will be the “year of efficiency” for Meta, during which the company will strive to become “a stronger and more nimble organization.”
He also emphasized that, as a technology company, Meta’s ultimate output is what it builds for people.
In recent years, tech layoffs have become increasingly common among tech giants, as companies face various challenges such as financial pressures, shifts in consumer behavior, and increasing competition. Even companies that were once considered invincible are not immune to these trends, and have had to restructure their workforce to remain competitive and adapt to changing markets.
Earlier this year, Amazon revealed plans to cut 18,000 jobs across various divisions. Twilio, Dell, Zoom, and eBay have also announced workforce reductions. Google announced plans to lay off over 12,000 workers, while Microsoft and Salesforce disclosed plans to cut 10,000 and 7,000 jobs, respectively.